Total Physical Product (TP)- total output or quantity produced Marginal Product (MP)- the additional output generated by additional inputs (workers). Average Product (AP)- the output per unit of input.

TC- Total Costs: Sum of Fixed and Variable Costs
VC- Variable Costs: Costs for variable resources that do change with the amount produced. FC- Fixed Costs: Costs for fixed resources that don't change with the amount produced.

Characteristics:
Many Small Firms
Identical Products (Perfect Substitutes)
Easy for firms to enter and exit the industry
Seller has no need to advertise
Firms are price takers: the seller has no control over price

Firm and Industry in Short-Run Making Profit: Firm and Industry in Short-Run Making Loss:

MC

AVC
ATC

MC

AVC
ATC

Firm and Industry in Long-Run Equilibrium:

ATC
MC

MR=D

How Economic Profit and Loss disappear in the Long-Run:

MR=D
ATC
MC

TC = TR

III. MONOPOLIES:

Characteristics:
Single Seller: One firm controls the market and the firm is the industry Unique good with no close substitutes
“Price Maker”: The firm can manipulate the price by changing the quantity it produces.

...﻿COVENANT UNIVERSITY
KILOMETER 10, IDIIROKO ROAD, P.M.B. 1023, OTA, OGUN STATE, NIGERIA
COLLEGE OF DEVELOPMENT STUDIES
SCHOOL OF SOCIAL SCIENCES
DEPARTMENT OF ECONOMICS AND DEVELOPMENT STUDIES
2013/2014 ACADEMIC SESSION OMEGA SEMESTER
Course Title: Intermediate Microeconomic Theory II
Course Code: ECN 321
Course Lecturers:
1. Prof. George [ Office Number: B109]
2. Miss Adeoye, T [Office Number: B114E]
Course Objectives
This course if the second part of the Intermediate Microeconomic Theory I. The broad objective of this course continues to expose students to more theoretical frameworks upon which the behaviour of each economic agent can be analysed. Specifically the course is expected to achieve the following objectives:
1. To make students to be aware of and understand microeconomic model building.
2. To examine the theory of Cost.
3. To expose students to the theory of cost minimisation on the short run and on the long run.
4. To examine further, market structures, with particular reference to short and long run periods.
5. To examine the pricing and output decision under market structures.
Classroom Policy
Students are expected to be punctual in all classes.
75% minimum attendance is a prerequisite for writing the Omega Semester examination for this course.
All forms of distraction must be avoided by every student e.g exit and entry will not be allowed the moment the lecturer enters the class.
Students should...

...A.P. Economics - Test #6 Review Name: __________________________ Date: _____________ ___ 1. A monopolistically competitive firm has a downward-sloping demand curve for its product, primarily because: A) there exist no barriers to entry or exit in the long run. B) there are many sellers in the industry. C) the firm sells a product distinct from products sold by competing firms. D) the price is greater than the marginal revenue. ___ 2. Which of the following is most likely to be observed when firms engage mainly in non-price competition? A) actively encouraging the sale of generic, as opposed to brand-name, products B) advertising and product differentiation C) discounts offered through coupons D) low interest rates for financing the purchase of bigticket items ___ 3. A monopolistically competitive firm is operating in the short run, is operating at the optimal level of output, and is earning negative economic profits. Which of the following must be true? A) ATC > P > MR = MC B) ATC = P > MR = MC C) ATC > P = MR = MC D) ATC > P > MR > MC ___ 4. Collusive agreements are typically difficult for cartels to maintain because each firm can increase profits by: A) producing more output than the quantity that maximizes joint cartel profits. B) producing less output than the quantity that maximizes joint cartel profits. C) increasing the price above the price that maximizes joint cartel profits. D) engaging in less advertising than the level of advertising that maximizes joint cartel...

...﻿Chapter 15 StudyGuide: The Age of Religious Wars and European Expansion
1. What caused the Revolt in The Netherlands?
The Revolt of the Netherlands (1566-1587)
By 1560s, Calvinism spread and appealed to the middle classes because of its intellectual seriousness, moral gravity, and emphasis on any form of labor well done
Calvinism took deep root among the merchants and financiers in the northern provinces and working-class people also converted partly to please their employers
In 1559, Philip II appointed his half-sister Margaret as regent of the Netherlands who introduced the Inquisition to combat Calvinism and raised taxes
In August 1566, Calvinists rampaged through the Low Countries aimed attacks at religious images and destroyed churches as well as burning irreplaceable libraries
Philip II sent twenty thousand Spanish troops under the duke of Alva, opened his own tribunal (“Council of Blood”), Alva resolved the financial crisis by levying a 10 % sales tax on every transaction, and civil war raged between 1568 and 1578
In 1576, the seventeen provinces united under the leadership of Prince William of Orange (“the Silent”) and in 1578 Philip II sent his nephew Alexander Farnese
The ten southern provinces the Spanish were able to control became Belgium and the seven northern provinces, led by Holland, formed the Union of Utrecht and in 1581, declared their independence from Spain (United Provinces of the Netherlands)
Spain repeatedly invaded...

...1. What nursing action is required b4 you measure fundal height= empty bladder full bladder make the fundal height higher.
2. What should a nurse do to prevent heat loss from evaporation= dry them up and remove the wet linen.
3. Child with cephalohematoma. What condition is associated with cephalohemetoma = jaundice
4. Why do we perform gestational age in a baby= to identify developmental level
5. What kind of exam do we perform to access for gestational age = ballot score
6. A baby has been circumcised a mother called the unit and complains that she saw a yellow crust on the penile area what do you tell the mother=Normal
7. You are teaching a mom how to use a bulb syringe what will you tell her to do= tilt babies head to the side and sanction the check
8. You are providing umbilical cord care, what will you do to provide this care= dye, open, dry, to prevent infection.
9. You have a patient who is breast feeding you want to prevent nipple trauma what will you teach= latching on, make sure the oriole is in the baby mouth and the baby is sucking onto it. And the baby is not sucking the nipple.
10. When babies have jaundice and are placed on a phototherapy why should we make sure that they have fluid and they get fed= prevent dehydration, hypoglycemia and promote growth
11. A neonate that was born 4hours after delivery mother is diabetic and some of the signs and symptoms is that the baby is jittery = hypoglycemia, check blood sugar and feed them
12. A woman who...

...﻿Management Second Exam StudyGuide
Chapter 5: Gaining Power and Influence
- Power – the capacity to influence someone’s behavior
- Human capital – an individual’s power
- Social capital – power over other people
- 4 sources of personal power
- Expertise, personal attraction, effort, legitimacy
- Likability is a kind of power
- If you are well liked it is often because you have open, honest relationships, you are emotionally accessible, and you exercise unconditional acceptance
- 4 sources of position power
- Centrality, flexibility, visibility, relevance
- Centrality – access to information in a communication network
- Flexibility – freedom to exercise judgment
- Visibility – Interacting with influential people in an organization
- Relevance – Working on central objectives and issues in an organization
- Influence strategies
- Supporters, opposers, undecided, neutral, uninformed
- Upward influence – managing the boss (like in the soul of a new machine)
- Retribution vs. Reciprocity vs. Reason
- Use retribution when:
- Unequal power in influences favor
- Commitment and quality aren’t important
- Tight time constraints
- Serious violations
- Specific, unambiguous requests
- Resistance to request is unlikely
- Use reciprocity when:
- Parties are mutually dependent
- Each party has valued resources
- Adequate for negotiating...

...1. Politically, how did the Guptas rule?
Smaller & depended on local governance (indivs., villages, etc.)
2. For much of history, the Indian political landscape was characterized by?
Small kingdoms
3. Who unified the Gupta Empire?
Ruler Chandra Gupta
4. The high point of Mauryan success came during the reign of?
Their Grandson
5. Like the Romans and the Hans, the collapse of the Gupta state was partially caused by an invasion of the ?
Invaded by the White Huns
6. How did the Mauryans rise to power? Who was the first ruler to unify India and create the Mauryan Empire?
Chandragupta Maurya was the first state to bring a centralized & unified gov’t to India.
7. One of the most pronounced examples of the nature of patriarchy in ancient India was?
Caste System
a. Rules forbade marrying outside one’s caste or eating with members of another caste. Could get polluted by lower castes.
b. Although separate, different castes depended on each other for basic needs.
c. Indivs. who did not abide by group rules were liable to expulsion from the community.
By the Gupta era child marriage was common, girls were 8 or 9, men were in 20s. – encouraged them to devote their lives to their family.
8. What were some of Ashoka's accomplishments?
Communicated his policies throughout his realms by inscribing edicts in natural stone formations or on pillars that he erected
9. Han Wudi is recognized as the strongest Han emperor. What would be his most important contribution to the...

...American History AP
Mid Term StudyGuide-2012
Mr. Lester
I have provided you with a basic guideline to study from. Below is a list of units and sample topics from which you need to prepare from. The list is NOT all inclusive, it is a guideline. Also use old reading quizzes, tests, and links that I have placed on Moodle. You also might look in your AP review book and read through the outlines and look at some sample questions.
A. Columbus - Colonization
• Columbian Exchange
• St. Augustine
• Virginia
o Roanoke
o Jamestown
o Virginia Company
o John Smith
o Powhatan
o Pocahontas
o John Rolfe
o Head Right System
o House of Burgesses
o Indentured Servants
• Massachusetts
o The Great Migration
o Puritans
o Mayflower Conflict
o Squanto
o Pequot and King Philips Wars
o John Winthrop
o Roger Williams, Anne Hutchinson, Anti-nomianism
• Rhode Island – Religious Sanctuary
• Penn – The Quakers
• Oglethorpe - Georgia
B. Colonial Wars and American Revolution
• What was going on in Europe that led to more conflict between Fr and Br?
• French and Indian War – Causes, Course, and Consequences
o Albany Plan of Union
o G. Washington
o Ft. Duquesne and Ft Necessity
o Braddock
o William Pitt
o Amherst and Wolfe
o Treaty of Paris 1763
• End of Salutary Neglect
• George III
• George Grenville
• Taxes that led to conflict (Stamp, Townshend, etc…)
• Pontiac’s Rebellion and...